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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Background studies for the ECB's evaluation of its monetary policy strategy
Issing, Otmar (contributor) - European Central Bank - 2003
Persistent link: https://www.econbiz.de/10004820102
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The role of money : money and monetary policy in the twenty-first century
Beyer, Andreas (contributor) - 2008
Persistent link: https://www.econbiz.de/10004924307
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Optimal reserve composition in the presence of sudden stops: the euro and the dollar as safe haven currencies
Beck, Roland; Rahbari, Ebrahim - European Central Bank - 2008
We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and "transaction demands" caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to reserve...
Persistent link: https://www.econbiz.de/10005816138
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The accumulation of foreign reserves
Pineau, Georges; Dorrucci, Ettore - European Central Bank - 2006
In a number of countries, especially emerging market economies, the public sector has in recent years been accumulating sizeable cross-border financial assets, mainly in the form of official foreign exchange reserves. World reserves have risen from USD 1.2 trillion in January 1995 to above USD 4...
Persistent link: https://www.econbiz.de/10005530645
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The impact of sovereign wealth funds on global financial markets
Beck, Roland; Fidora, Michael - European Central Bank - 2008
This paper analyses the impact of sovereign wealth funds (SWFs) on global financial markets. It presents back-of-the-envelope calculations which simulate the potential impact of a transfer of traditional foreign exchange reserves to SWFs on global capital flows. If SWFs behave as CAPM-type...
Persistent link: https://www.econbiz.de/10005530670
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Output growth and fluctuation: the role of financial openness
Popov, Alexander - European Central Bank - 2011
I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel …
Persistent link: https://www.econbiz.de/10009276057
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Sovereign credit ratings, market volatility, and financial gains
Afonso, António; Gomes, Pedro; Taamouti, Abderrahim - European Central Bank - 2014
filtered using EGARCH specifications. The estimation results show that upgrades do not have significant effects on volatility …, but downgrades increase stock and bond market volatility. Contagion is present, with sovereign rating announcements … (increase) in volatility in other countries. The empirical results show also a financial gain and risk (value-at-risk) reduction …
Persistent link: https://www.econbiz.de/10010753741